Wednesday, November 8, 2017
Snap Set For Punishing Day On Wall Street
Venice, California-based Snap is set to see a punishing day on Wall Street, after reporting poorer than expected third quarter results last night, including poor user growth and sales. SNAP was already down around 12 percent in pre-market trading on Wednesday, falling from a close of $15.12 on Tuesday to around $13.33 per share. Shap continues to lose money, hand over first, reporting it had a net loss of $443.1M in the three months ended September 30th, on revenues of $207.9M. For the nine month period ending September 30th, SNAP had a loss of $3.095 billion on revenues of $539.2M, including $2.5 billion in stock-based compensation expenses. Snap said its daily active users (DAUs) grew to 178 million in Q3 of 2017, a 3 percent increase quarter-over-quarter. SNAP CEO Evan Spiegel said on Tuesday the company is planning a big redesign of its Snapchat app, to broaden appeal of its app to new users.